Premier Fund Managers Ltd Purchases 8,929 Shares of Cadence Design Systems, Inc. (NASDAQ:CDNS)

Premier Fund Managers Ltd boosted its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 39.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,356 shares of the software maker’s stock after purchasing an additional 8,929 shares during the quarter. Premier Fund Managers Ltd’s holdings in Cadence Design Systems were worth $8,595,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Lake Street Advisors Group LLC raised its holdings in shares of Cadence Design Systems by 12.6% in the 1st quarter. Lake Street Advisors Group LLC now owns 2,212 shares of the software maker’s stock valued at $689,000 after acquiring an additional 248 shares in the last quarter. Natixis Investment Managers International raised its position in shares of Cadence Design Systems by 11.9% during the 1st quarter. Natixis Investment Managers International now owns 858 shares of the software maker’s stock valued at $267,000 after buying an additional 91 shares in the last quarter. Crewe Advisors LLC bought a new stake in shares of Cadence Design Systems during the 1st quarter worth $139,000. Delap Wealth Advisory LLC purchased a new position in Cadence Design Systems in the first quarter worth $227,000. Finally, CreativeOne Wealth LLC increased its stake in Cadence Design Systems by 476.3% in the first quarter. CreativeOne Wealth LLC now owns 7,371 shares of the software maker’s stock valued at $2,295,000 after acquiring an additional 6,092 shares during the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Berenberg Bank assumed coverage on Cadence Design Systems in a research note on Tuesday, October 15th. They set a “buy” rating and a $320.00 price target for the company. Robert W. Baird boosted their target price on Cadence Design Systems from $332.00 to $340.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Needham & Company LLC cut their target price on Cadence Design Systems from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Loop Capital started coverage on shares of Cadence Design Systems in a research note on Monday, November 11th. They set a “buy” rating and a $360.00 price target on the stock. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Cadence Design Systems has an average rating of “Moderate Buy” and an average target price of $326.00.

Cadence Design Systems Trading Up 1.8 %

NASDAQ:CDNS opened at $299.63 on Wednesday. The firm has a market capitalization of $82.18 billion, a P/E ratio of 78.64, a P/E/G ratio of 3.93 and a beta of 1.02. The company has a quick ratio of 2.27, a current ratio of 2.45 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average of $276.20 and a 200 day moving average of $283.13. Cadence Design Systems, Inc. has a 52 week low of $241.29 and a 52 week high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, October 28th. The software maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.20. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Cadence Design Systems had a net margin of 23.87% and a return on equity of 28.49%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.01 earnings per share. On average, research analysts predict that Cadence Design Systems, Inc. will post 4.75 earnings per share for the current year.

Insider Buying and Selling at Cadence Design Systems

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of Cadence Design Systems stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $283.66, for a total value of $425,490.00. Following the sale, the director now owns 42,051 shares in the company, valued at $11,928,186.66. The trade was a 3.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Paul Cunningham sold 650 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $276.00, for a total transaction of $179,400.00. Following the transaction, the vice president now directly owns 61,111 shares in the company, valued at approximately $16,866,636. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,634 shares of company stock valued at $4,217,635 in the last 90 days. Insiders own 0.62% of the company’s stock.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.